Australian lender Westpac reports 13% rise in first-quarter profit

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Australian lender Westpac reports 13% rise in first-quarter profit

//business-finance.news-articles.net/content/202 .. pac-reports-13-rise-in-first-quarter-profit.html

Published in Business and Finance on Sunday, February 16th 2025 at 16:40 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Australia's Westpac Banking posted a 13% rise in its first-quarter net profit on Monday, helped by growth in customer deposits and housing and business loan volumes.

Westpac Banking Corp reported a 13% rise in first-quarter profit for 2025, driven by higher interest rates and a robust performance in its institutional banking division. The Australian lender's net profit for the three months ending December 31 was A$1.5 billion, up from A$1.3 billion in the same period the previous year. This increase was supported by a 7% growth in total income to A$5.9 billion, although expenses also rose by 5% to A$3.1 billion. Westpac's CEO, Peter King, highlighted the bank's focus on cost management and operational efficiency amidst a challenging economic environment. Additionally, the bank's common equity tier 1 capital ratio improved to 12.3% from 11.3%, indicating a stronger capital position.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/australian-lender-westpac-reports-13-rise-first-quarter-profit-2025-02-16/ ]

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